Location: Calvert County, MD | Metro: Calvert County, MD HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,240 |
| 1 Bedroom | $2,250 |
| 2 Bedrooms | $2,840 |
| 3 Bedrooms | $3,930 |
| 4 Bedrooms | $4,450 |
| 5 Bedrooms | $5,162 |
| 6 Bedrooms | $5,781 |
| 7 Bedrooms | $6,243 |
| 8 Bedrooms | $6,555 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,930 | $456,279 | 0.86% | C |
U.S. Census Bureau data (2024)
The ZIP code 20688 presents a dynamic rental market with a strong indication that demand currently exceeds supply. This inference is drawn from the comparison between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR stands at $2,600, while the Census ACS reports a market rent of $3,222. The discrepancy suggests that landlords can command higher rents than the benchmark set by the government, indicating robust tenant interest and competition for units.
The median home value of $458,821 further underscores the area's attractiveness, reflecting a broader economic appeal that likely contributes to the high rental rates. With a 51.5% renter share, it's clear that a significant portion of the population opts for renting over homeownership. This trend points towards long-term housing pressure, as a majority of residents are in the rental market rather than owning homes. High renter shares often correlate with limited affordable housing options, pushing more individuals and families into the rental sector.
While the specific percentages for price-cut share and days on market (DOM) are not available, the overall context implies a tight rental market. Landlords and small-portfolio investors should be aware that such conditions can lead to frequent renewals and potentially higher vacancy rates if they do not adjust their rental pricing to align with the competitive landscape. However, the strong demand also means opportunities for those who can provide desirable rental properties at fair prices.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.